Vodafone Group Plc ⫶ FY23 Preliminary results
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Forward-looking statements and other matters
This document contains ‘forward-looking statements’ within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect
to the Group’s financial condition, results of operations and businesses, and certain of the Group’s plans and objectives.
In particular, such forward looking statements include statements with respect to: the Group’s expectations and guidance regarding its financial
and operating performance, the performance of associates and joint ventures, other investments and newly acquired businesses and expectations
regarding customers; intentions and expectations regarding the development of products, services and initiatives, including the Group’s strategy,
introduced by, or together with, Vodafone or by third parties; expectations regarding the global economy and the Group’s operating environment
and market position, including future market conditions and other trends; revenue and growth expected from Vodafone Business; mobile
penetration and coverage rates, the Group’s ability to acquire spectrum and licences, including 5G licences, expected growth prospects across our
regions and growth in customers and usage generally; anticipated benefits to the Group from cost-efficiency programmes, possible future
acquisitions, including increases in ownership in existing investments, the timely completion of pending acquisition transactions and pending
offers for investments; expectations and assumptions regarding the Group’s future revenue, operating profit, cash flow depreciation and
amortisation charges, foreign exchange rates, tax rates and capital expenditure; expectations regarding the Group’s access to adequate funding for
its working capital requirements and share buyback programmes, and the Group’s future dividends or its existing investments; the impact of
regulatory and legal proceedings involving the Group and of scheduled or potential regulatory changes; and climate change, including emissions
targets and other ESG goals, commitments, targets and ambitions, climate-related scenarios or pathways and methodologies we use to assess our
progress in relation to these.
Forward-looking statements are sometimes but not always identified by their use of a date in the future or such words as ‘anticipates’, ‘could’, ‘will’,
‘may’, ‘should’, ‘expects’, ‘believes’, ‘intends’, ‘plans’, ‘estimates’, or 'targets’. By their nature, forward-looking statements are inherently predictive,
speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future There are a
number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking
statements. These factors include, but are not limited to the following: general economic and political conditions in the jurisdictions in which the
Group operates and changes to the associated legal, regulatory and tax environments; increased competition; levels of investment in network
capacity and the Group’s ability to deploy view technologies, products and services; evolving cyber threats to the Group’s services and confidential
data; the Group’s ability to embed responses to climate-related risks into business strategy and operations; rapid changes to existing products and
services and the inability of new products and services to perform in accordance with expectations; the ability of the Group to integrate new
technologies, products and services with existing networks, technologies, products and services; the Group’s ability to generate and grow revenue;
slower than expected impact of new or existing products, services or technologies on the Group’s future revenue, cost structure and capital
expenditure outlays; slower than expected customer growth, reduced customer retention, reductions or changes in customer spending and
increased pricing pressure; the Group’s ability to extend and expand its spectrum resources, to support ongoing growth in customer demand for
mobile data services; the Group’s ability to secure the timely delivery of high-quality products from suppliers; loss of suppliers, disruption of supply
chains and greater than anticipated prices of new mobile handsets; changes in the costs to the Group of, or the rates the Group may charge for.
terminations and roaming minutes; the impact of a failure or significant interruption to the Group’s telecommunications. networks, IT systems or
data protection systems; the Group’s ability to realise expected benefits from acquisitions, partnerships. joint ventures, associates, franchises, brand
licences, platform sharing or other arrangements with third parties; acquisitions and divestments of Group businesses and assets and the pursuit
of new, unexpected strategic opportunities; the Group’s ability to integrate acquired business or assets; the extent of any future write-downs or
impairment charges on the Group’s assets, or restructuring charges incurred as a result of an acquisition or disposition; developments in the Group’s
financial condition, earnings and distributable funds and other factors that the Board takes into account in determining the level of dividends; the
Group’s ability to satisfy working capital requirements; changes in foreign exchange rates; changes in the regulatory framework in which the Group
operates; the impact of legal or other proceedings against the Group or other companies in the communications industry; changes in statutory tax
rates and profit mix; climate change projection risk including, for example, the evolution of climate change and its impacts, changes in the scientific
assessment of climate change impacts, transition pathways and future risk exposure and limitations of climate scenario forecasts; amendments to
or new ESG reporting standards, models or methodologies; changes in ESG data availability and quality which could result in revisions to reported
data going forward; and climate scenarios and the models that analyse them have limitations that are sensitive to key assumptions and parameters,
which are themselves subject to some uncertainty.
A review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-
looking statements can be found in the summary of our principal risks in the Group’s Annual Report for the year ended 31 March 2022 and half-
year results for the six months ended 30 September 2022. The Annual Report and the half-year results can be found on the Group’s website
(https://investors.vodafone.com/reports-information). All subsequent written or oral forward-looking statements attributable to the Company or
any member of the Group or any persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No
assurances can be given that the forward-looking statements in this document will be realised. Subject to compliance with applicable law and
regulations, Vodafone does not intend to update these forward-looking statements and does not undertake any obligation to do so.
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